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The XRP price ended the month of December at around $2.08, after a period of back and forth between gains and declines. Although the price ended December just above $2, the XRP price went through a bullish period in the first half of the month, peaking around $2.9, the highest price in more than six years.
Despite ending the month with a 28% decline from this six-year peak, XRP still achieved the highest monthly candle volume in its history. This interesting phenomenon was noticed by crypto analyst Tony Severino, who also suggested that the XRP price is on track to reach $13 this cycle.
XRP Price Completes Highest Candle Body in History
XRP ended December with a 6.94% gain from the start, building on an unexpected 281.7% surge in November, according to data from CryptoRank. During this period of price increases, XRP received significant attention from crypto analysts and investors, with several predicting continued bullish momentum through 2025.
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However, Bitcoin failure above $100,000 price markup appears to have stalled XRP’s momentum among many other cryptocurrencies. This caused XRP to spend the second half of December in a correction-plus-consolidation trajectory. Anyway, the bullish trajectory remains valid for XRP, with recent technical analysis by crypto analyst Tony Severino also giving voice to this.
The As Tony Severino pointed out on the XRP monthly candles, December 2024 was the highest monthly close for the XRP price.
Although the cryptocurrency failed to surpass its current all-time high in December, it did manage to achieve this notable milestone. While this is not really a technical indicator, it does lend voice to the ongoing bullish momentum around the XRP price, which has prevented further price declines below the $2 mark.
Technical analysis indicates a price target of $13
Crypto analyst Tony Severino also emphasized an interesting technical pattern playing out in XRP’s daily candlestick timeframe. According to the analyst, a bull flag appears to be emerging following XRP’s price correction in December.
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The bull flag pattern identified by Severino is a technical setup that is often accompanied by significant price increases. It is characterized by the steep upward movement in November, followed by a period of consolidation in a downward channel in December.
A breakout to the upside against the bull flag pattern usually leads to a continuing the initial rally. In the case of XRP, Tony Severino predicted a breakout that would see XRP rise to $13 in the coming months.
At the time of writing, XRP is trading at $2.37 and is up about 12% in the last 24 hours. Reaching the expected target of $13 would translate into a 450% gain from the current price level.
Featured image created with Dall.E, chart from Tradingview.com
